Sure:)

Simply select your "hero" drop, and go to:

PARTICLES > EMIT FROM OBJECT

Then you can use mel, or simply key the imitter to emit Instances of smaller softbody blobs, or just S|W BLOBBY...

Well, if it is just a "hero" droplet, I would try blend-shapes.

So as it hits the water, you can blend to a psuedo-squashed version of the drop geometry, then you can also make the "hero" drop an...